| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29707 |
| 来源ID | Working Paper 29707 |
| A Goldilocks Theory of Fiscal Deficits | |
| Atif R. Mian; Ludwig Straub; Amir Sufi | |
| 发表日期 | 2022-01-31 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | This paper proposes a tractable framework to analyze fiscal space and the dynamics of government debt, with a possibly binding zero lower bound (ZLB) constraint. Without the ZLB, a greater primary deficit unambiguously raises debt. However, debt need not explode: When R < G – φ, where φ is the sensitivity of R – G to debt, a modest permanent increase in the deficit can be sustained forever, a policy we call “free lunch”. With the ZLB, the relationship between deficit and debt can become non-monotone. Both high and low deficits can increase debt, as the latter weaken demand and reduce nominal growth at the ZLB. A rise in income inequality expands fiscal space outside the ZLB, but contracts it at the ZLB. Calibrating the model, we find little space for “free lunch” policies for the United States in 2019, but ample space for Japan. |
| 主题 | Macroeconomics ; Business Cycles ; Fiscal Policy ; Public Economics ; Taxation ; National Fiscal Issues |
| URL | https://www.nber.org/papers/w29707 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587381 |
| 推荐引用方式 GB/T 7714 | Atif R. Mian,Ludwig Straub,Amir Sufi. A Goldilocks Theory of Fiscal Deficits. 2022. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w29707.pdf（1345KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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